Simplii Financial is CIBC’s online banking division, launched in 2017 when CIBC converted its PC Financial banking operations to the Simplii brand. The core proposition is straightforward: free unlimited chequing, no minimum balance, and access to CIBC’s physical ATM network — all without the monthly fees that Big Five bank accounts charge.
That combination — digital banking with no fees and a real ATM network behind it — is what separates Simplii from most online-only banks. EQ Bank and Wealthsimple Cash offer higher savings rates but have no cash deposit capability and no branded ATM network. Tangerine is Simplii’s closest equivalent, backed by Scotiabank’s ATMs instead of CIBC’s.
The area where Simplii falls short is savings. The standard savings rate of 0.40% is low. Promotional rates of 4–5% are available periodically but are time-limited. The practical solution most Simplii customers arrive at is using Simplii as their primary chequing account and a second institution — typically EQ Bank — for savings.
Simplii Financial at a Glance
| Feature | Details |
|---|---|
| Type | Online bank (division of CIBC) |
| Institution number | 010 (shared with CIBC) |
| Standard transit | 04841 |
| Founded | 2017 (rebranded from PC Financial) |
| Monthly fees | $0 |
| ATM network | CIBC ATMs (3,400+) |
| Savings rate | ~0.40% standard; 4–5% promotional |
| TFSA / RRSP savings | No (GICs only) |
| Credit card | Cash Back Visa (no fee) |
| CDIC insured | Yes |
| Physical branches | None |
Chequing Account
Simplii’s No Fee Chequing Account is genuinely free: no monthly fee, no minimum balance, unlimited debit transactions, and unlimited free Interac e-Transfers. This puts it ahead of every Big Five bank chequing account, which charge $4–$30 per month unless you maintain minimum balances of $3,000–$6,000.
The ATM access is the feature worth emphasising. Simplii customers use CIBC’s ATM network — roughly 3,400 machines across Canada — without fees, and can make cash deposits at CIBC ATMs. No other digital-first bank except Tangerine (via Scotiabank) can match this.
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Minimum balance | $0 |
| Debit transactions | Unlimited |
| Interac e-Transfers | Free and unlimited |
| ATM access | CIBC ATMs (free); other ATMs ($1.50+) |
| Cash deposits | Yes (CIBC ATMs) |
Savings Account
Simplii’s High Interest Savings Account has a standard rate of approximately 0.40% — low by any meaningful comparison. EQ Bank’s savings account pays 3.50–4.25% on an ongoing basis. Simplii compensates with frequent promotional rates of 4–5% for new deposits, typically running for three to five months.
For Canadians who want a savings account they can fund and largely forget, Simplii is not the right vehicle. The right approach is Simplii for chequing, EQ Bank for savings.
GICs
| Term | Approximate Rate |
|---|---|
| 1 year | 3.75–4.25% |
| 2 years | 3.50–4.00% |
| 3 years | 3.25–3.75% |
| 5 years | 3.25–3.75% |
Simplii’s GIC rates are generally better than Big Five posted rates but may trail EQ Bank or Oaken Financial for the same term. Registered GICs (TFSA and RRSP) are available.
Credit Card
The Simplii Financial Cash Back Visa earns 4% cash back on restaurant and bar purchases, 1.5% on eligible grocery purchases, and 0.5% on everything else — all with no annual fee. The 4% restaurant earn rate is among the highest of any no-fee card in Canada.
| Category | Earn Rate |
|---|---|
| Restaurants and bars | 4% |
| Eligible groceries | 1.5% |
| Everything else | 0.5% |
| Annual fee | $0 |
| Foreign transaction fee | 2.5% |
Simplii vs Tangerine vs EQ Bank
| Feature | Simplii | Tangerine | EQ Bank |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Standard savings rate | 0.40% | 0.10–1.00% | 3.50–4.25% |
| ATM network | CIBC (3,400+) | Scotiabank (3,500+) | None |
| Cash deposits at ATM | Yes | No | No |
| TFSA savings account | No | Yes | Yes |
| RRSP savings account | No | Yes | Yes |
| Credit card | 4% dining Visa | 2% flexible Mastercard | No |
| CDIC insured | Yes | Yes | Yes |
Who Simplii Financial Is Best For
Canadians who want free everyday banking with ATM access — including cash deposits, which no other major online bank can match.
CIBC customers who want to stop paying monthly fees. The ATM network is identical; the only loss is branch service.
Restaurant and dining spenders who want the best no-fee credit card for dining — the 4% Cash Back Visa is the top no-fee dining card in Canada.
Not the right fit for anyone prioritising savings rates (use EQ Bank) or registered savings accounts (Tangerine or EQ Bank).
Cluster Pages
- Simplii Financial Routing Number
- Simplii Financial ATM Withdrawal Limit
- Simplii Financial e-Transfer Limit
- Simplii Financial Mobile Cheque Deposit
- Simplii Financial Customer Service
- Simplii Financial Fees